Determining and avoiding sleeper costs is the fifth segment of our House Buying Tips series:
When buying a house, don’t be too hasty to sign the papers–even if it seems like the perfect house. Many people get so focused on planning their lives in a potential new home that they may not look at other factors that could reveal some undesirable qualities in a new house. Do your homework first! Knowing how to bid, issues to walk away from, issues to utilize as a bargaining tool, or know if the timing is a factor will make you a well-informed buyer. We have gathered some of the best home-buying tips we’ve seen so you can get the most out of your money! Don’t get caught off guard by sleeper costs. Budgeting in sleeper costs is our house buying tip #5.
Buying Secret #5: Avoid Sleeper Costs
The difference between renting and home ownership is the sleeper costs. Most people just focus on their mortgage payment, but they also need to be aware of the other expenses such as property taxes, utilities and homeowner-association dues. New homeowners also need to be prepared to pay for repairs, maintenance and potential property-tax increases. Make sure you budget for sleeper costs so you’ll be covered and won’t risk losing your house.
At Stonebridge we help you get started by reviewing the necessary financials a lender will ask for. We will go over them with you to assess buying options. Our goal is to find you your perfect home or office while steering you away from overextending your finances. Click to learn about our Real Estate Loan Integrity.
SRC: Click to read more house buying tips.